Nandan Nilekani, the co-founder of Infosys, believes that cryptocurrencies can be regarded as an asset in India, despite their growing popularity and lack of governmental oversight. He believes that, like gold or silver, bitcoin has stored value but lacks transactional value.
At the same time, Nilekani believes that cryptocurrencies will be a sound investment in the future years. The technology of blockchain has exploded in popularity, and India’s IT companies are at the forefront of it, serving hundreds of worldwide clients.
Unlike Musk, though, Nilekani takes a balanced approach to cryptocurrency, which includes allowing UPI to coexist. The Indian government was initially wary about cryptocurrencies, and it was outlawed in 2018. That decision was overturned by the Supreme Court. Even cryptocurrency exchanges have petitioned the government to recognize cryptocurrencies as a form of wealth.
The Bitcoin industry is extremely polarized, with everyone holding a different viewpoint. Evangelists call it a revolution, technocrats believe in blockchain’s promise, skeptics believe it’s a bubble, and some just sit back and enjoy the show. Cryptocurrency regulations that are both smart and sensible are urgently needed.
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